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Life Insurance and Annuity Community Recognizes 2011 CSC Innovation Award Winners - MarketWatch (press release)
CSC +0.98% today announced the 2011 winners of its Innovation Awards, which acknowledge life and annuity companies for leadership in five areas: policy administration, global sourcing, distribution, operational excellence and social networking. The company's North American client community nominated and selected the winners, who were honored in front of nearly 400 of their peers at CSC's Connect for Life and Annuity conference in Marco Island, Fla.
Pacific Life Retirement Solutions of Newport Beach, Calif., won the Innovation in Policy Administration Award for enhancing CSC's Wealth Management Accelerator policy administration system in new business quoting, calculation of modal benefits using complex rate-lock rules, contract inquiry, check/EFT interfaces, tax reporting and agent commissions. These modifications enabled Pacific Life to launch a new single premium immediate annuity product in half the expected time.
Lincoln Financial Group of Radnor, Pa., received this year's Innovation in Distribution Award for successfully converting some of its aging legacy compensation systems to CSC's PerformancePlus in support of the company's objective to consolidate and streamline its distribution compensation technology environment. The company now has increased flexibility to meet distribution partners' needs and enhanced ability to deliver more accurate and timely payments. Lincoln also won the Innovation in Operational Excellence Award for a project that involved its Group Protection Division converting 10 years' worth of images and data to AWD, implementing new supporting infrastructure, training more than 1,000 users and developing more than 150 business processes in AWD. The effort also included deploying an internally developed search engine that scans more than 100 million records in less than a second.
Transamerica's Annuity Division of Cedar Rapids, Iowa, received the Innovation in Global Sourcing Award for creating a staff augmentation model in both the technical service and business processing areas that operates in parallel to the firm's own staff. This model uses CSC resources to increase project execution capacity on an as-needed basis by up to 15 percent, while ensuring that service level standards continue to be met. Transamerica expects to also recognize sizeable savings with the operations model that will be reinvested in key business areas.
Allstate to Present at Barclay’s Capital Global Financial Services Conference - WebWire (press release)
The Allstate Corporation ( NYSE: ALL ), the nations largest publicly held personal lines insurer, announced that Thomas J. Wilson, its chairman, president and chief executive officer, will present at the Barclays Global Financial Services Conference at noon Eastern Time on Tuesday, Sept. 13. The conference is being held at the Hilton New York.
A webcast of the presentation can be accessed at www.allstateinvestors.com . For those unable to hear the live event, a webcast replay will be posted on the investor relations and executive speeches sections of the companys website shortly after the presentation ends.
Allstate to Present at Barclay's Capital Global Financial Services Conference - WebWire (press release)
For Third Year in a Row MassMutual Call Centers and Representatives Capture … - PR Newswire (press release)
Gordon Pullan , assistant vice president of operations, was recognized with a gold medal in the category of best contact center executive in the Americas.
Lindsey Croteau from the domestic insurance Call Center was recognized with a silver medal and ranked #2 in the Americas as the Best Customer Service Agent.
In addition, the Retirement Services Call Center's "Keys to the Business" program was presented the silver medal, ranking #2 in the Americas for the best incentive program.
In addition, the Retirement Services Call Center's "Keys to the Business" program was presented the silver medal, ranking #2 in the Americas for the best incentive program. "We are very proud of our "Keys to the Business" program, which drives ownership of our business down to the customer service representative level through both peer-to-peer and management-to-associate recognition," explained Pullan.
For Third Year in a Row MassMutual Call Centers and Representatives Capture ... - PR Newswire (press release)
MetLife Declares Third Quarter 2011 Preferred Stock Dividends - MarketWatch (press release)
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com .
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.'s filings with the U.S. Securities and Exchange Commission (the "SEC"). These factors include: (1) difficult conditions in the global capital markets; (2) the delay by Congress in raising the statutory debt limit of the U.S., as well as rating agency downgrades of U.S. Treasury securities; (3) increased volatility and disruption of the capital and credit markets, which may affect our ability to seek financing or access our credit facilities; (4) uncertainty about the effectiveness of the U.S. government's programs to stabilize the financial system, the imposition of fees relating thereto, or the promulgation of additional regulations; (5) impact of comprehensive financial services regulation reform on us; (6) exposure to financial and capital market risk; (7) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect our ability to raise capital, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets; (8) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (9) investment losses and defaults, and changes to investment valuations; (10) impairments of goodwill and realized losses or market value impairments to illiquid assets; (11) defaults on our mortgage loans; (12) the impairment of other financial institutions that could adversely affect our investments or business; (13) our ability to address unforeseen liabilities, asset impairments, loss of key contractual relationships, or rating actions arising from acquisitions or dispositions, including our acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, "ALICO") and to successfully integrate and manage the growth of acquired businesses with minimal disruption; (14) uncertainty with respect to the outcome of the closing agreement entered into with the United States Internal Revenue Service in connection with the acquisition of ALICO; (15) uncertainty with respect to any incremental tax benefits resulting from the elections made for ALICO and certain of its subsidiaries under Section 338 of the U.S. Internal Revenue Code of 1986, as amended; (16) the dilutive impact on our stockholders resulting from the issuance of equity securities in connection with the acquisition of ALICO or otherwise; (17) economic, political, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (18) our primary reliance, as a holding company, on dividends from our subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (19) downgrades in our claims paying ability, financial strength or credit ratings; (20) ineffectiveness of risk management policies and procedures; (21) availability and effectiveness of reinsurance or indemnification arrangements, as well as default or failure of counterparties to perform; (22) discrepancies between actual claims experience and assumptions used in setting prices for our products and establishing the liabilities for our obligations for future policy benefits and claims; (23) catastrophe losses; (24) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, distribution of amounts available under U.S. government programs, and for personnel; (25) unanticipated changes in industry trends; (26) changes in accounting standards, practices and/or policies; (27) changes in assumptions related to deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (28) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (29) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (30) deterioration in the experience of the "closed block" established in connection with the reorganization of Metropolitan Life Insurance Company; (31) adverse results or other consequences from litigation, arbitration or regulatory investigations; (32) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others, (33) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (34) regulatory, legislative or tax changes relating to our insurance, banking, international, or other operations that may affect the cost of, or demand for, our products or services, impair our ability to attract and retain talented and experienced management and other employees, or increase the cost or administrative burdens of providing benefits to employees; (35) the effects of business disruption or economic contraction due to terrorism, other hostilities, or natural catastrophes, including any related impact on our disaster recovery systems and management continuity planning which could impair our ability to conduct business effectively; (36) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (37) other risks and uncertainties described from time to time in MetLife, Inc.'s filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
MetLife Declares Third Quarter 2011 Preferred Stock Dividends - MarketWatch (press release)
AEGON Completes Divestment of Transamerica Reinsurance - Sacramento Bee
These releases reflect the views of the issuing entity and are not reviewed or edited by the Sacramento Bee staff. More information on PR Newswire can be found on their web site . You can contact the service with questions or concerns here .
AEGON yesterday completed the divestment of its life reinsurance business, Transamerica Reinsurance, to SCOR, a global reinsurance company, following the final approval of the relevant regulatory authorities. The agreement was announced on April 26, 2011. Under the agreement, AEGON has divested its global life reinsurance activities with the exception of select blocks of business. The retained businesses comprise mainly variable annuity guarantee business.
The decision to divest Transamerica Reinsurance is consistent with AEGON's strategic focus on its core business of life insurance, pensions and asset management, while improving its risk-return profile.
The transaction, which consists of a number of reinsurance agreements, resulted in a total after-tax consideration of USD 1.4 billion, consisting of cash proceeds of USD 0.9 billion from SCOR and a further USD 0.5 billion of capital released. The transaction will result in an amortization of prepaid cost of reinsurance of approximately USD 40 million before tax per annum initially related to the business ceded. These costs are expected to trend down as the contracts mature. The transaction will have no meaningful impact on shareholder's equity.
AEGON Completes Divestment of Transamerica Reinsurance - Sacramento Bee
Pacific Life purchases JP Morgan Chase’s US Pension Advisory Group - OC Metro
Pacific Global Advisors , will continue to be headquartered in New York City and led by David Oaten and his management team, JP Morgan Chase veterans who average more than 17 years of experience in corporate finance; actuarial and trustee services; capital markets; derivatives; and investment, risk, and asset-liability management.
Pacific Life purchases JP Morgan Chase's US Pension Advisory Group - OC Metro
CSC Licenses Insurance Industry Data Model to Pan-American Life - MarketWatch (press release)
CSC -3.22% today announced Pan-American Life Insurance Company of New Orleans, La., has licensed version 3.0 of CSC's Insurance Industry Data Model, which unifies multiple sources of information into a complete, logical representation of data across an insurance enterprise. Pan-American Life, a leading provider of individual life and group insurance in the United States and Latin America, will use the model to gain a clear picture of producer activity and productivity, and leverage that information for enhanced decision-making.
The model is an offering within CSC's Insurance Optics suite of business intelligence solutions and is available on a standalone basis or with CSC's data management and governance consulting services. It was expanded last September to include all necessary attributes for a global insurer, unifying information from all lines of life insurance, annuities, pensions, and property and casualty/general insurance business.
CSC's Insurance Industry Data Model, the foundation of the company's Insurance Optics family of business intelligence solutions, has 400 tables spanning more than 35 subject areas that include 7,000 distinct data attributes that can be bundled for licensing. For more information, visit www.csc.com/IIDM .
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 800 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group's member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com .
CSC Licenses Insurance Industry Data Model to Pan-American Life - MarketWatch (press release)
MetLife Alico, Gulf Bank register strong first year performance in life insurance - AME Info
MetLife Alico, a global provider of insurance, annuities and employee benefits programs, and Gulf Bank, one of Kuwait's largest commercial and retail banks with over 54 branches, have marked the first year of their working relationship in the young but fast growing Bancassurance market in Kuwait. A celebratory event was held recently to mark the occasion.
Bancassurance in Kuwait is a fast growing market with a lot of potential. In fact, with the low penetration of just 0.13% of the GDP, the life segment in Kuwait is still at the early stages of its development making the country significantly under-insured by global standards. Recognising this, MetLife Alico and Gulf Bank announced a new relationship to tap into this market opportunity, in March 2010, when the two companies signed a distribution agreement. Since then, Gulf Bank has generated significant life insurance premiums, with personal and corporate policies sold through its extensive network of branches in Kuwait.
MetLife, Inc. is a leading global provider of insurance and financial services with more than 140 years of experience and operations throughout the United States, Latin America, Japan, Asia Pacific, Europe and Middle East. Through its subsidiaries and affiliates, MetLife, Inc. reaches 90 million customers in over 60 countries, is the largest life insurer in the United States and Mexico ,and has relationships with more than 90 of the top 100 Fortune 500 companies, and over seventy percent of all Fortune 500 companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement and savings products and services to corporations and other institutions.
Gulf Bank was established in 1960 and has progressed to becoming an industry-leading financial services provider complemented by a large network of 54 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Consumer, Corporate, Treasury and International Banking.
MetLife Alico, Gulf Bank register strong first year performance in life insurance - AME Info
Future Generali launches Bima Advantage - Washington Bangla Radio
Hyderabad, July 12 (IBNS): Future Generali India Life Insurance Company, the Insurance joint venture between Future Group of India and Generali Group of Italy, has launched Future Generali Bima Advantage, a unit-linked endowment plan.
The policy holder can opt for Enhanced Insurance Cover to enhance the life cover under the policy, at inception and in the event of demise of the life assured, the Enhanced Insurance Cover sum assured is paid in addition to basic plan sum assured, to the nominee, said the company.
On death of the life assured during the settlement period, the fund value will become payable. Future Generali Bima Advantage has term options of 10 to 30 years and is available for customers in the age group of 7 to 65 years.
This plan provides for a choice of investment funds, thereby, adding flexibility in directing the investments to any or all of the 6 unit linked funds of the company. 12 free fund switches per year means investors also enjoy flexibility to manage their investment actively.
Future Generali launches Bima Advantage - Washington Bangla Radio
Sun Life inaugurates ‘green’ building - Manila Bulletin
MANILA, Philippines — Insurance firm Sun Life Financial Philippines (SLFP) inaugurated its first-owned green corporate building at the Bonifacio Global City as the Canadian company’s global Chief Executive Officer Donald A. Stewart led the ceremonies.
Graced by government officials, members of the diplomatic corps, business partners, SLFP advocates and Sun Life executives from Toronto and Hong Kong, the inauguration unveiled the 14-storey green structure. Efficient design and sustainable use of resources were combined to create this building.
Graced by government officials, members of the diplomatic corps, business partners, SLFP advocates and Sun Life executives from Toronto and Hong Kong, the inauguration unveiled the 14-storey green structure. Efficient design and sustainable use of resources were combined to create this building. “Making it a green building aligns with our company’s focus on long-term sustainability, not only in business but also in support of the environment,” Riza Mantaring, SLFP president and chief executive said.
Graced by government officials, members of the diplomatic corps, business partners, SLFP advocates and Sun Life executives from Toronto and Hong Kong, the inauguration unveiled the 14-storey green structure. Efficient design and sustainable use of resources were combined to create this building. “Making it a green building aligns with our company’s focus on long-term sustainability, not only in business but also in support of the environment,” Riza Mantaring, SLFP president and chief executive said. “Providing a healthy workspace for our various stakeholders allows them to perform more efficiently and become more focused and productive. In other words, a green building makes strong business sense for our employees, advisors, building tenants and the larger community,” she added.
Sun Life inaugurates 'green' building - Manila Bulletin